Honda profits drop 40%
By Yuri Kageyama |
February 1, 2011, Tuesday
|
Print Edition
Print Edition
HONDA reported a nearly 40 percent drop in quarterly profit, hit by a strong yen and fading sales in Japan but raised its full-year earnings forecast, crediting cost cuts.
Honda's October-December profit totaled 81.1 billion yen (US$989 million), down from 134.6 billion yen the year before, it said yesterday. Quarterly sales slipped nearly 6 percent to 2.11 trillion yen.
A strong yen hurt Tokyo-based Honda's overseas earnings and the end of green car incentives crimped sales in Japan, offsetting strong motorcycle sales in Asia.
Honda Motor Co was upbeat about the full fiscal year through March 2011, raising its profit forecast to 530 billion yen from its October forecast of 500 billion yen.
The revision was mostly from cost cuts and improved model offerings.
Honda lowered its full-year sales projection to 8.9 trillion yen from 9 trillion yen, mainly because the yen is expected to remain strong.
Honda's October-December profit totaled 81.1 billion yen (US$989 million), down from 134.6 billion yen the year before, it said yesterday. Quarterly sales slipped nearly 6 percent to 2.11 trillion yen.
A strong yen hurt Tokyo-based Honda's overseas earnings and the end of green car incentives crimped sales in Japan, offsetting strong motorcycle sales in Asia.
Honda Motor Co was upbeat about the full fiscal year through March 2011, raising its profit forecast to 530 billion yen from its October forecast of 500 billion yen.
The revision was mostly from cost cuts and improved model offerings.
Honda lowered its full-year sales projection to 8.9 trillion yen from 9 trillion yen, mainly because the yen is expected to remain strong.
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